Far more important than the money will be if Vick helps rally the VT community.
He's hugely important to that school, and he can play a role in helping rebuild their spirits and their sense of community.
Vick's success and profile at VT gave that school a real sense of pride while he was there, and that has carried over in the subsequent years as well. I'm sure if you asked most people what they thought of when they think of Virginia Tech, they'd say "Michael Vick." That's clearly not the case any more, though.
Vick can play a real part in helping his school through this crisis, and I hope that he does. I think this donation is a good first step, but I hope he contributes in ways other than money as well. To be perfectly frank, how much money do the victim's families need because of this? I know some of the professors' families have lost their providers, but for the most part, it's families mourning the loss of their children and money won't help bring that back at all.